Published at Friday, February 15th, 2019 - 14:46:43 PM. Dream Home. By Austin Lagi.
Owner Builders - The 5 Huge Mistakes They Make When Constructing Their Dream Home! : There are more people than ever before who are making the very wise decision to build their Dream Home! From nice little bungalows nestled on inner city in-fill lots to huge 8,000 square foot mini mansions located on acreage waterfront home sites, the opportunities are endless for todays savvy Owner Builder. However with the numerous examples of beautiful homes that will produce countless memories for their proud owners there are just as many cases of the Owner Builder project gone awry! The beautifully conceived Tudor style home that never reached completion, the Mediterranean stucco home that never left the architects drawing board and the 4 story town home that went way over budget and took over a year and a half to complete! My goal is not to discourage you from building the home of your dreams but instead I hope to educate you on the 5 most common mistakes that have plagued Owner Builders! If carefully heeded, your Custom Dream Home project will go off without a hitch and provide your family, friends and loved ones with numerous years of enjoyment! Here are the 5 Mistakes you should avoid when you construct your Dream Home! #1 - Do not over-build for the community or area. It is important that you build a home that is comparable to the majority of the homes in neighborhood and/or area. If the average home in the area is 4,500 sq. ft., then I suggest you build no more than 500-1000 sq. ft. larger than the average home in that area. In most cases, I suggest that you never build a home smaller than the average home as that could prove to be a challenge if you ever decide to sell. #2 - They design a home that is too unique that doesnt have mass appeal!I am sure you can remember driving through a neighborhood and you saw a home that simply stuck out like a sore-thumb! I believe in being different however when it comes to designing my Dream Home I dont want a home so unique that it causes me to lose money. Really unique homes that are not comparable to the surrounding homes in an area are hard to value and in many cases the owners are never able to recoup their original investment. #3 - Choosing the wrong builder!Your choice of builder in many cases is the single most important decision in the whole process of constructing your Dream Home! It is important that you exercise caution and that you thoroughly interview at least 3-4 different builders before making a decision. You should also visit the on-going projects of the builders to see the projects they are presently working on. The time you spend planning with and interviewing builders will prove to be the single most critical aspect of your Custom Dream Home project #4 - Trying to save money by performing work on the home themselves!Unless you work full-time in the construction industry I strongly recommend that you pay experienced trades to perform all of the work on your Dream Home. Sweat equity generally takes longer than expected while the potential savings are never as substantial as anticipated and they generally add unnecessary stress and anxiety to a process that already has too many variables to be managed. It has been proven that time spent planning and managing your project is 3 times more valuable than time spent actually working on your Custom Dream Home! #5 - Not securing Construction Loan Financing first before doing anything else in the planning process!I saved this for last with the hopes that it will stick with you when you forget any of the other mistakes! By securing your financing first, you now make it easier to design and plan your project because you know exactly how much money you have to spend. This becomes extremely important when you sit down to design your home so that you dont design a home that goes over your budget. The other benefit to securing your financing first is it provides you with a strategic advantage when you negotiate with builders because they understand you are 100% qualified and are ready to begin construction once you decide on a builder! Hopefully you will write these down and keep them close and review these mistakes as you begin the planning of your Custom Dream Home. Using these tips will save you time, prevent stress and help you produce a top-quality Dream Home that your family will enjoy for years to come!
Dream Home Expectations : If you are in the market for a home, and starting to look at houses, you may have an ideal home or dream home in mind. Owning your own place is still a dream of many, even with the condition of the economy and all the foreclosures in the market. Rent is expensive these days, almost as expensive as a mortgage payment in many cases. Therefore, many renters out there wish to own their homes. Although banks are starting to look closer at buyers qualifications again, due to the recent state of the economy, if you have good credit, a solid income, and a down payment, you can join the pool of buyers out there looking for their dream home. The first issue that you encounter when looking for a home, is the amount you can afford. After you are pre-qualified by a bank or mortgage company, reality sets in, and you see the amount of money that they will lend you. This may be a pleasant surprise or it may not, especially if your dream home is priced way above that amount. Some potential buyers get discouraged because the home that they can afford is way too different or far away from their ideal home. In this case, you can approach the situation in two different ways, you can keep renting and saving for a bigger down payment, which will allow you to borrow the needed amount to afford your dream home, or you can look at your first home purchase as a step up closer to your dream home. You will build equity, and when market conditions are favorable, you can sell your first home and buy your ideal home. The second issue you encounter is that you may have an ideal - the perfect home - in mind, and so far, you have looked at tons of houses, and none comes close. Many have some features you like, but lack in other areas. The truth is that there is no perfect home out there, unless you build it yourself according to your specs - according to your dream. You will have to compromise at one point and select the house that seems to appeal most to you and that resembles your dream home the most - that is unless you decide to build your own. Another issue that home buyers deal with when looking for their Denver dream home is that they focus too much in cosmetics (such as color of the paint or rugs) in the houses that they are viewing. They can easily miss a perfect good home, with excellent layout and structural design, just because they are focused on cosmetic issues that can be altered easily with little money involved. For most first home buyers, the ideal of the dream home will be kept alive in their minds, but they will settle in reality and choose a home that they can afford and live well in, until they can one day, afford or build their dream home.
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